MSTQ vs. QDTE

Last updated Jun 4, 2026

MSTQ (LHA Market State Tactical Q ETF) and QDTE (Roundhill Innovation-100 0DTE Covered Call Strategy ETF) are both exchange-traded funds - MSTQ is a Options Trading fund actively managed by Little Harbor Advisors, while QDTE is a Derivative Income fund actively managed by Roundhill. Both are actively managed. Over the past year, MSTQ returned 31.81% vs 40.36% for QDTE. Their correlation of 0.91 suggests significant overlap in exposure. MSTQ charges 1.59%/yr vs 0.97%/yr for QDTE.

Performance

MSTQ vs. QDTE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in LHA Market State Tactical Q ETF (MSTQ) and Roundhill Innovation-100 0DTE Covered Call Strategy ETF (QDTE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with MSTQ having a 17.40% return and QDTE slightly lower at 16.58%.

MSTQ

• 1D: -0.21%
• 1M: 9.02%
• YTD: 17.40%
• 6M: 15.69%
• 1Y: 31.81%
• 3Y*: 24.11%
• 5Y*: —
• 10Y*: —

QDTE

• 1D: -0.16%
• 1M: 8.99%
• YTD: 16.58%
• 6M: 16.20%
• 1Y: 40.36%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

MSTQ vs. QDTE - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MSTQ LHA Market State Tactical Q ETF	17.40%	20.57%	10.16%
QDTE Roundhill Innovation-100 0DTE Covered Call Strategy ETF	16.58%	19.32%	16.07%

Correlation

The correlation between MSTQ and QDTE is 0.93, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.93
Correlation (All Time) Calculated using the full available price history since Mar 8, 2024	0.91

The correlation between MSTQ and QDTE has been stable across timeframes, ranging from 0.91 to 0.93 - a consistent structural relationship.

MSTQ vs. QDTE - Sectors Allocation Comparison

Sectors	MSTQ	QDTE
Technology	54.0%	-
Communication Services	15.6%	-
Consumer Cyclical	12.2%	-
Consumer Defensive	7.6%	-
Healthcare	4.2%	-
Industrials	2.9%	-
Utilities	1.4%	-
Basic Materials	1.1%	-
Energy	0.6%	-
Financial Services	0.2%	5.4%
Real Estate	0.1%	-

Return for Risk

MSTQ vs. QDTE — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

MSTQ

MSTQ Risk / Return Rank: 59
MSTQ Sharpe Ratio Rank: 68
MSTQ Sortino Ratio Rank: 64
MSTQ Omega Ratio Rank: 64
MSTQ Calmar Ratio Rank: 52
MSTQ Martin Ratio Rank: 48

QDTE

QDTE Risk / Return Rank: 78
QDTE Sharpe Ratio Rank: 82
QDTE Sortino Ratio Rank: 76
QDTE Omega Ratio Rank: 78
QDTE Calmar Ratio Rank: 77
QDTE Martin Ratio Rank: 80

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

MSTQ vs. QDTE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for LHA Market State Tactical Q ETF (MSTQ) and Roundhill Innovation-100 0DTE Covered Call Strategy ETF (QDTE). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	MSTQ	QDTE	Difference
Sharpe ratio: Return per unit of total volatility	2.23	2.74	-0.51
Sortino ratio: Return per unit of downside risk	2.97	3.49	-0.53
Omega ratio: Gain probability vs. loss probability	1.39	1.47	-0.09
Calmar ratio: Return relative to maximum drawdown	2.58	3.98	-1.40
Martin ratio: Return relative to average drawdown	8.04	16.08	-8.03
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MSTQ vs. QDTE - Sharpe Ratio Comparison

The current MSTQ Sharpe Ratio is 2.23, which is comparable to the QDTE Sharpe Ratio of 2.74. The chart below compares the historical Sharpe Ratios of MSTQ and QDTE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	MSTQ	QDTE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.23	2.74	-0.51
Sharpe Ratio (All Time) Calculated using the full available price history	0.87	1.30	-0.43

Drawdowns

MSTQ vs. QDTE - Drawdown Comparison

The maximum MSTQ drawdown since its inception was -31.05%, which is greater than QDTE's maximum drawdown of -22.86%. Use the drawdown chart below to compare losses from any high point for MSTQ and QDTE.

Drawdown Indicators

	MSTQ	QDTE	Difference
Max Drawdown Largest peak-to-trough decline	-31.05%	-22.86%	-8.19%
Max Drawdown (1Y) Largest decline over 1 year	-12.39%	-10.20%	-2.19%
Max Drawdown (3Y) Largest decline over 3 years	-15.22%	—	—
Current Drawdown Current decline from peak	-0.21%	-0.16%	-0.05%
Average Drawdown Average peak-to-trough decline	-8.62%	-3.14%	-5.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.97%	2.52%	+1.45%

Volatility

MSTQ vs. QDTE - Volatility Comparison

LHA Market State Tactical Q ETF (MSTQ) has a higher volatility of 4.25% compared to Roundhill Innovation-100 0DTE Covered Call Strategy ETF (QDTE) at 3.75%. This indicates that MSTQ's price experiences larger fluctuations and is considered to be riskier than QDTE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MSTQ	QDTE	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.25%	3.75%	+0.50%
Volatility (6M) Calculated over the trailing 6-month period	10.58%	11.01%	-0.43%
Volatility (1Y) Calculated over the trailing 1-year period	14.35%	14.81%	-0.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.85%	18.43%	+0.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.85%	18.43%	+0.42%

MSTQ vs. QDTE - Expense Ratio Comparison

MSTQ has a 1.59% expense ratio, which is higher than QDTE's 0.97% expense ratio.

Dividends

MSTQ vs. QDTE - Dividend Comparison

MSTQ's dividend yield for the trailing twelve months is around 11.90%, less than QDTE's 42.16% yield.

Position	TTM	2025	2024	2023
MSTQ LHA Market State Tactical Q ETF	11.90%	13.97%	3.72%	0.77%
QDTE Roundhill Innovation-100 0DTE Covered Call Strategy ETF	42.16%	49.49%	32.09%	0.00%

Frequently Asked Questions

Can I hold both MSTQ and QDTE in my portfolio?

With a correlation of 0.93, MSTQ and QDTE move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, MSTQ or QDTE?

MSTQ has higher volatility (4.25%) compared to QDTE (3.75%). In terms of maximum drawdown, MSTQ dropped -31.05% vs QDTE's -22.86%.

Which ETF is better, MSTQ or QDTE?

On 1-year performance, QDTE leads with 40.36% vs 31.81% for MSTQ. On fees, QDTE is cheaper at 0.97% per year. On volatility, QDTE has been the lower-risk option at 3.75%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MSTQ or QDTE?

Over the 1-year period, QDTE has performed better with a 40.36% return vs 31.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MSTQ or QDTE?

QDTE is cheaper with a 0.97% expense ratio, compared with 1.59% for MSTQ.

Which ETF pays a higher dividend yield, MSTQ or QDTE?

QDTE has the higher dividend yield at 42.16%, compared with 11.90% for MSTQ.

What is the main difference between MSTQ and QDTE?

MSTQ is categorized as Options Trading, while QDTE is Derivative Income. They also come from different issuers: Little Harbor Advisors and Roundhill. Their fees differ too: 1.59% for MSTQ and 0.97% for QDTE.

Which has better risk-adjusted returns?

QDTE currently has the higher Sharpe Ratio (2.74 vs 2.23), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.